Finova Asks To Reenter Chapter 11

Law360, New York (November 13, 2006, 12:00 AM EST) -- Five years after it first emerged from bankruptcy protection, Finova Capital Corp. has asked the court to let it dive back in to Chapter 11 so it can sell off its assets.

In court papers filed on Friday, consumer finance company Finova said that it could not fulfill a previous agreement in its 2001 reorganization plan that prohibits it from conducting new business until $3.25 billion in senior notes had been paid off.

“It has become clear that, even in the best of circumstances, Finova will...
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